Over the next 15 years, the world’s population is expected to pass the eight billion mark, leading to even greater energy needs for transportation, lighting and heating. Oil and gas will remain essential energy resources, and while they may be abundant, they are also increasingly difficult to discover and develop. At Total, we work hard to meet these challenges every day.
Meeting our growing energy needs
Between 2010 and 2035, global energy demand will grow by more than 30%. Fossil fuels will continue to meet 75% of the world’s needs during this period, and oil and gas will account for over half of these resources.
As an integrated Company working across the entire oil and gas chain, our role is to continue to producing the energy people need for their daily lives. Although this task is becoming more complex, resources do exist, as shown by recent global oil and gas discoveries. However, these resources are increasingly located in inaccessible or complex deposits, making them harder to find and develop in a sustainable and profitable way. Producing these energies requires huge investments, careful project selection, rigorous budget and time management, solid partnerships and continuous innovation. At Total, we are committed to continuously improving our ability to deliver on our promise to provide the world with the oil and gas it needs through sustainable exploration and production.
At current consumption levels, our estimates show that the fossil fuel resources present underground will support 90 years of oil production and some 150 years of gas production. This reflects the continuous improvement of our industrial practices, including maximizing yields on existing fields and exploring new fields, both conventional and unconventional.
Executing our projects while meeting costs and deadlines
At Total, we strive to optimize and accelerate each step of a project, from the discovery of a new field to the start of production. In addition, we maintain a constant focus on the safety of our employees and facilities, while controlling costs and meeting deadlines. We plan to leverage these practices to complete 20 major projects by 2019.
Maximizing the value of our existing production
We know that each project represents a considerable investment in terms of both financial and human resources. That’s why we work to optimize production everywhere, even on our mature fields by:
- Enhancing the oil and gas recovery rate at each of our reservoirs.
- Developing satellite fields around existing deposits to maintain our production base.
- Maintaining the integrity of our facilities to extend their producing life.
Maximizing production at North Sea fields
Present in the North Sea since the 1960s, we manage several major offshore production hubs in the region. This strategy enables us to produce deposits that would not be developed independently. To give an example, we connected six new fields to the Alwyn and Dunbar platforms in Scotland between 1998 and 2012. Today, three decades after the start of production, the Northern North Sea hub is producing 70,000 barrels of oil equivalent a day.
Renewing and optimizing our portfolio of reserves
To ensure the long-term future of our operations, we continuously work to maintain the lifespan of our reserves through exploration drilling and acquisitions. We also keep an active asset portfolio by completing targeted sales and acquisitions.
More than 13 years of proven reserves (90% Certainty of Commercial Extraction) and more than 20 years of probable and proven reserves (50% Certainty of Commercial Extraction)